Budget tax cut is welcomed by MP

"This tax cut is excellent news for hardworking people in Hinckley and Bosworth."

George Osborne leaves number 11 as he heads to the commons to give his budget speech (Photo: Ian Vogler)

Share

Get weekly updates directly to your inbox

Thank you for subscribing!

Could not subscribe, try again laterInvalid Email

Bosworth MP David Tredinnick has welcomed a new tax cut for people in Hinckley and Bosworth.

From April 2015 the personal allowance will rise to £10,500, cutting taxes for 25 million people and taking another 290,000 people out of paying income tax altogether.

Rises in the personal allowance since 2010 mean that by April next year a typical basic rate taxpayer will be paying £805 less in tax than they would have been, with 3.2 million people taken out of income tax altogether.

The Budget measures do not result in any additional higher rate taxpayers.

The full benefit will be passed on to higher rate taxpayers – everyone earning up to £100,000 will gain equally and will pay less tax because of this tax cut.

The Bosworth MP said: “This tax cut is excellent news for hardworking people in Hinckley and Bosworth.

“It will mean lower taxes for around 39,000 people here in the Bosworth constituency, with an estimated 483 people taken out of income tax altogether.

“This move by the Chancellor in the Budget means people in Hinckley and Bosworth keeping more of the money they’ve worked hard to earn, giving them and their families more financial security for the future.”

Bosworth MP David Tredinnick

Councillor Michael Mullaney, Lib Dem prospective parliamentary candidate for Bosworth, said “Cutting income tax by £700 – by raising the tax-free allowance to £10,000 – was the top priority on the front page of the Liberal Democrat manifesto.

“That comes into effect next month and the Budget has confirmed that the Liberal Democrats have now been able to go even further. The tax-free threshold will rise to £10,500 next year, giving a tax cut of £800 for 25 million working people since 2010.

“Liberal Democrat policy is to continue to increase the threshold in the next Parliament to £12,500 and I want us to reach the point where nobody on the minimum wage will have to pay any Income Tax at all on what they earn.”

* Businesses setting up on the MIRA Technology Park Enterprise Zone will benefit from tax incentives for a further three years under measures announced by the Chancellor in the Budget.

It means the tax benefits for firms will last for five years, with the offer extending until March 2018, helping the park achieve its objective of becoming a key driver for the local economy along the A5 corridor and beyond.

Dr George Gillespie, CEO at MIRA, said: “We have ambitious plans for MIRA technology Park which include our pledge to create 2,000 jobs by 2020. The tax incentives offered to businesses looking to relocate to the MIRA Enterprise Zone will continue to help us realise both this, our vision of creating Europe’s largest transport sector research and development cluster.”

Enterprise Zones are at the heart of the Government’s plan to grow the economy across all regions and a range of industries, creating jobs and getting people into employment.

The MIRA zone is set to complete a new European headquarters for Swedish brake systems manufacturer Haldex this year and with an established skills academy MIRA Enterprise Zone is making a significant contribution to boosting skills in the local area.